A buydown interest rate program lets you pay extra at closing for a lower mortgage rate, either permanently or temporarily. Learn how to buy down your rate.
totally ahistorical. i think this is a really important point about what else favors the wealthy in our tax system. one of the critical issues is the system of deductions. today, the way deductions work, the mortgage deductions or charitable deduction. if you give $10,000, you do $10,000 of a mortgage amount in a year. because of the way rates work as a deduction, it s $3500 if you are in the rate of 35%. and $1500 if you are a middle class family in the 15% marginal rate. it s $10,000. same for two families and much bigger value. it s upsidedown. in a tax plan we put forward, we addressed that issue. we transformed everything into an 18% credit. it s fair across the board. deductions are a way, a big way the tax system favors the well
higher. shepard: the biggest drag on the economy is housing and, today, news that bank of america is forced to do something about it. guest: that comes from the negotiations they had with the state ag s sending letters to americans offering to pay down a mortgage amount if you have bank of america, and the caveat, you have to be two months later, and underwater and owe more than the mortgage is worth, and the mortgage has to be owned by bank of america, and you have to pay 25 percent of your income to that mortgage, can you not pay less. shepard: if you have been paying on time you do not get help. gerri: you are out of luck. not a last people will qualify, only 200,000 people helped. shepard: b of a stock is down. the dow is down 100 points. gerri: it was worse earlier. and it is a lot of disparate news but all in all the trend is higher than it has been.